Contractor Selected for Foundry Park Phase One

The first phase of the riverfront Foundry Park development in Chicago, built on a former steel plant site, has a selected contractor and an October 21 groundbreaking.

Updated on Nov. 4, 2026 in Construction

Photograph of a construction crane over a cleared industrial lot beside a river, with brick warehouse walls and steel beams on the ground. — Construction is set to begin on Foundry Park's first phase in Chicago after a contractor was selected for the riverfront project on the former A. Finkl & Sons steel plant site. AI Illustration. Upload story photo >

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A contractor was selected to build the first phase of Foundry Park, a development converting the former A. Finkl & Sons steel plant site into a riverfront neighborhood in Chicago. Groundbreaking on the $1 billion initial phase occurred October 21.

Why it matters

The project transforms a long-vacant industrial parcel into mixed-use space in the city. Chicago approved zoning for the development in early 2026 and authorized public financing to support the infrastructure.

Chicago authorized about $201.6 million in tax-increment financing toward roughly $235 million in infrastructure improvements for the project. The full development is planned for up to 3,737 residences, 435,000 square feet of retail and restaurant space, and 100,000 square feet of office space.

The players

Chicago

The city approved zoning for Foundry Park and authorized tax-increment financing to support its infrastructure improvements.

The details

Foundry Park replaces the former A. Finkl & Sons steel plant, which operated on the site for 112 years before relocating in 2013 to Chicago's far south side. Buildings on the site were razed in 2015, and the initial phase includes three residential buildings with 709 mixed-income homes, a boutique hotel, and more than eight acres of public open space.

2013: The steel plant relocated to Chicago's far south side.
2015: Buildings on the site were razed.
December 2025: Project work began with the city.
Mid-February 2026: The project passed through city council.
October 21, 2026: Groundbreaking occurred on the initial phase.

Roadmap

Foundry Park follows Chicago's pattern of using tax-increment financing to turn large former industrial parcels into mixed-use neighborhoods. The project's scale, with up to 3,737 residences, places it among the city's major long-term redevelopment efforts.

Chicago residents may see ongoing construction activity over the next decade as the project progresses. The development is expected to employ about 700 construction workers a year, which could affect traffic and nearby streets such as Southport Avenue, Cortland Street, and Kingsbury Street.

The takeaway

Large redevelopment projects on former industrial land can reshape a city's neighborhoods over many years. Residents interested in the project's progress can track ongoing construction and city approvals as the phases move forward.